The crypto credit card market, having endured the prolonged hibernation that followed 2022’s spectacular implosion, is stirring back to life with Coinbase’s announcement of its One Card—a Bitcoin-earning credit card slated for fall 2025 that promises up to 4% back in the world’s most volatile digital asset.
The card operates on a tiered rewards structure that would make airline loyalty programs weep with envy.
Base rewards start at 2% but scale upward to 4% depending on assets held within the Coinbase ecosystem—a clever mechanism that transforms customers into captive capital providers while dangling increasingly attractive Bitcoin rewards.
The beauty lies in the asset calculation: both traditional USD and USDC stablecoin holdings count toward tier advancement, meaning users needn’t mortgage their financial sanity to crypto volatility for premium rewards.
Access requires Coinbase One membership, a $4.99 monthly subscription that gates nearly one million users into an exclusive club of zero trading fees (up to $500 monthly) and 4.5% APY on initial deposits.
This membership model transforms the traditional credit card paradigm from acquisition-focused to engagement-driven, ensuring users remain embedded within Coinbase’s profitable ecosystem.
The partnership with First Electronic Bank and American Express Network provides institutional credibility—a vital element given the sector’s recent history of spectacular failures.
The Amex backing delivers widespread merchant acceptance and standard protections, while the absence of annual or foreign transaction fees eliminates common pain points that plague premium credit products. The annual membership alternative costs $49.99 for users seeking a more cost-effective subscription model. Despite recent challenges including a significant cyberattack that affected approximately 1% of users, Coinbase has been praised by industry experts for its exemplary incident response management.
What makes this offering particularly intriguing is its timing.
As crypto markets recover from their extended malaise, Coinbase positions Bitcoin rewards as assets “with the power to grow”—a proposition that could prove either prescient or painfully ironic depending on digital asset performance. The card’s design pays homage to the Bitcoin Genesis Block, continuing the legacy of cryptocurrency’s foundational moment.
The card effectively transforms everyday spending into speculative investment, allowing users to dollar-cost average into Bitcoin through mundane purchases.
Currently accepting waitlist applications, the One Card represents Coinbase’s calculated bet that consumers remain sufficiently enamored with crypto’s potential to tie their spending habits to Bitcoin’s mercurial performance—a wager that will either vindicate or haunt the company’s strategic positioning.
